The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1887-12-15
ESTABLISHED IN 1865.
EXTRACTS FROM PRESIDENT
CLEVELAND'S ANNUAL
MESSAGE.
A Tariff for Revenue, With Incidental
Protection.

A Tariff for Revenue, With Incidental
Protection.
To the Congress O fthe United States:
You are confronted st the threshold
of your Legislative duties with con-
dition of the National finances, which
imperatlvely demands immediate and
careful consideration. The amount
of money annually exacted through
the operation Of the present laws
from the industries and necessities
of the people, largely exceeds the
sur necessary to meet the expenses
of the Government. When we con-
slider that the theory Of our own in
stitutions guarantee TO every citizen
the full enjoyment of all the fruit OF
his industry and enterprise, with
only such deductions as may be his
share towards the careful and eco
nomical maintenance of the Govern
ment which protects him, it is plain
that the exaction of more than this
is indefencible extortion and a cul-
pahle betrayal Of American fairness
and justice. This wrong inflicted
upon those who bear the burden Of
national taxation, like other wrongs,
multipiies q brook Of evil conse-
qnences. The public treasury
which should only exist as conduit
conveying the peoples tribute to its
legitimate object of expenditure
becomes a boarding place for money
needlessly Withdrawn from trade and
the peoples use, thus crippling our
national energies, suspending our
country's development, preventing
investment in productive enterprises.
threatening financial disturbance and
inviting schenes of public plunder.
This condition Of our treasury is not
altogether new, and it has more than
once of late been submitted to the
peoples Representatives in Congress
who alone can apply remedy, and
yet the situation still continues with
aggravated incidents more than ever,
presaging financial convulsion and
widespread disaster. 1t will not do
to neglect this situation because its
dangers are DOT now palpsbly i'm
minent and apparent. They exist
none the less certainly, and await
the unforeseen and unexpected oc
casion when suddenly they will be
precipitated upon US. -:
GIVING THE FIGURES.
On the 3Oth day of June, 1885, the
excess Of revenues over public ex
penditures after complying with the
annual requirement of, the sinking
fund excess was Sl7,S59,735.84.
during the year ended June 80, 1886,
such excess amounted to S49,455,-
$500, and during the year ended
June 80, 1887. it reached the sum Of
s55,567,949.54. -:
The annual contributions to the
sinking funds during the three years
above specified, amounting il the
aggregate to S13S058,320.94 and
deducued from the surplus as stated,
were made by calling in. for that
purpose outstanding three per. cent
bonds of the Government. During
the six months prior to June 80,
1887, the surplus revenue had grown
so large by repeated accumulations
that it was feared the withdrawal 0
this great sum of money needed by
the people would so effect tue busi-
ness of the country that the sum of
S79,a64.l00 Of such surplus was ap-
piled to the payment of the principal
and interest of the three per cent
bonds still outstanding, and which
were then payable at the option Of
Government. The precarious con-
9ition Of financial affairs among the
people still needing relief immedi-
ately after the 30tb day of June,
1887, the remainder Of the three per
cent bonds then outstanding, amount
ing with principal and interest, to the
sum Of SlS,9?7,5O0 were called in
and applied 10 the sinking fund con-
tribution for the current fiscal year.
Notwithstanding these operations of
the Treasury Department, the repre-
sentations of distress in business
circles not only continued, but in
creased, and absolute peril seemed at
hand. In these circumstances the
contribution to the sinking fund for
the current fiscal year was at once
completed by the expenditure. of
S2T,5S4,2S3 IS in the purchase of
Government bonds, not yet due,
besring four and four and half per
cent interest, the premium paid
thereon averaging about "a per cent
for the former and s per cent for the
LATTER.
In addition to this the interest &C.
cruing during the current year upon
the outstanding bonded Indebtedness
of the government was to some eS,
tent anticipated and banks selected
rs depoaitories Of public money were
permitted to somewhat increase their
deposits.
While the espediepts thus en-
ployed to release to the people the
money lying idle in the treasury
served to avert immediate dangers.
our surplus revenues have continued
to accumulate, HE excess for the
present year amounting on the lst
day of December to S55,257.701.19
and estimated to reach the sum Of
SIl3,0OO,O0O on the 3Oth Of June
next, at which date it is expected